The Philippine Stock Exchange (PSE) index, despite being back on the 6,700-level during Wednesday's morning trading, still has not fully clawed back the 6% in losses it incurred after an eight-day decline earlier in March.

"You'd probably see more choppiness from this point onward. We're [now] seeing a rebound actually from quite a heavy bit of a reaction which took place a couple of weeks ago but we've seen similar corrections also taking place around the region," Barredo said.

But further consolidation in the market is not expected to push back the index below 6,000-level, where it began at the start of the year.

"The PSEi could lock itself in a range of about 6,400 on the low side and hopefully we could go somewhere closer to our year-end target of 7,000," Barredo said.

The PSEi finished at 6,665.12 on Tuesday, almost 15% up from its 5,812.73-close in end-2012.